This picture could be either C.J. Cherryh's Morgaine or Michael Moorcock's Elric, though I meant it to be Morgaine. Just a little photoshoppery on the sword and on the character's chest and you'd get Elric. The character is riding the "Universal Horse" (that is, no matter what fantasy world you're on, the horses are all standard Earth species equines.) In fact everything in this picture can be found as a cliche on the wonderful website "tvtropes.org" which enumerates "Mystical White Hair" and "Automaton Horse," not to mention "Magical Sword" which probably covers everything.
"Morgaine at Exiles' Gate" is watercolor on illustration board, 8" x 11", November 1989. Rescued from a bad photograph by the magic of Photoshop. Klik for a larger view.